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Printed Electronics Market to Reach $13.6 Billion by 2023
November 30, 2018 | Globe NewswireEstimated reading time: 2 minutes
The printed electronics market is estimated to reach $13.6 billion by 2023 from %6.8 billion in 2018, at a CAGR of 14.92% during 2018-2023.
Printed electronics is gaining high traction worldwide owing to the rise in the application of printed electronics in the Internet of Things (IoT). The high demand for thin, robust, and flexible substrates for producing secure and cost-effective and significant cost advantages provided by printed electronics are the other major factors driving the market growth. However, the dearth of technical know-how and highly skilled system integrators restricts the growth of the said market to a certain extent.
Market for Inkjet Printing to Register Highest Growth Rate During Forecast Period
Inkjet printing is a contactless printing process used in applications requiring uniform thickness. Unlike screen printing, inkjet printing is used in emerging applications such as textile and industrial. Inkjet printing is also gaining high traction in commercialized applications, such as sensors, OLEDs, and PVs owing to its ability to digitally control the ejection of ink droplets of defined volume and precisely position them onto a substrate.
Printed Displays to Hold the Largest Market Share in 2018
Printed displays are mainly used in consumer electronic products such as wearables and mobile devices. Increasing proliferation of lightweight, innovative, and flexible displays in consumer electronic devices is fueling the demand for printed displays. Rising demand for connected and IoT devices in the consumer electronics industry is also propelling the growth of the printed display market.
Market for Aerospace & Defense Industry to Register Highest Growth Rate During Forecast Period
In the aerospace & defense industry, this technology is used in an unmanned aerial vehicle (UAV) owing to its advantages such as lightweight, less complexity, and high reliability, which ultimately results in low maintenance requirements. Emerging applications in the aerospace & defense industry, such as avionics, high-power lasers, radars, nanodevices, stents, high-power electromagnetic systems, and nitrogen systems are creating a need for miniaturization and micro-miniaturization of systems. Printed electronics is a high-reliable and cost-effective solution to meet these requirements in the aerospace & defense industry.
APAC to Register Highest Growth Rate during Forecast Period
The market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is a hub for a large number of manufacturers of electronic devices and components. The growth can be attributed to the huge production of electronic components and increased investments in R&D in the region. Moreover, factors such as technological improvements, increased awareness regarding the benefits of printed electronics, and its ability to lower the production cost are contributing toward the growth of the printed electronics market in the region.
Key players in the printed electronics market include Samsung (South Korea), LG (South Korea), DuPont (US), BASF (Germany), Agfa-Gevaert (Belgium), Air Products and Chemicals (US), Nissha USA (US), NovaCentrix (US), Molex (US), E Ink Holdings (US), Ynvisible Interactive (Portugal), and Palo Alto Research Center (PARC) (US).
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